New affordable housing units will soon be available to Victorians, according to the city.
Victoria City Council has promised $1.835 million to build two proposed affordable housing projects, with a focus on building for seniors, single working adults, people with disabilities, and families.
The two developments will be located in James Bay and Quadra Village.
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In James Bay, the Capital Region Housing Corporation has proposed a redevelopment project, converting an existing three-storey building with 62 units into a four-storey building with 98 units.
Victoria has committed $1.395 million for this project, and construction will begin following a development permit approval.
“We’ve heard from residents and businesses that affordable housing is desperately needed,” said Mayor Lisa Helps in a release. “This contribution which leverages significantly higher investment from other levels of government, will create new affordable housing in two Victoria neighbourhoods.”
Meanwhile, the proposed Quadra Village project would also re-develop an existing structure.
The goal is to convert a three-storey building with 19 units into a five-storey building with 40 units. The City plans to invest $440,000 for this project, with plans moving forward after a rezoning and development permit are approved.
— City of Victoria (@CityOfVictoria) March 22, 2019
If the projects are approved, Victoria will give current tenants of the existing building compensation from the City Tenant Assistance Policy, and they will only have to pay “affordable rent” prices in their new temporary homes.
The two redevelopments will add a total of 138 new affordable housing units to Victoria.
Funding for the projects comes from the city’s Housing Reserve Fund. This fund was recently bolstered by an additional $250,000 for the 2019 municipal budget, increasing its total to $1 million.